Very bad news for Pi Network holders: will the Pi coin price crash?

Pi Network price remained on edge on Friday morning after the developers announced another extension of the Know Your Customer (KYC) verification. The Pi token was trading at $42.75 on Friday, down by over 57% from its highest level in 2024. 

Pi Network KYC grace period delayed again

In a statement, the developers said that the new grace period date will be extended to February 28. This is a big disappointment to Pi Network pioneers, who have been waiting for this process to complete as soon as possible. 

The initial grace period for the KYC was on November 30th. It was then extended to the December 31st and then to January 31st. It has been extended by another month, disappointing many users waiting for the mainnet launch.

The Pi Network said the extension will give pioneers more time to migrate their tokens to the mainnet. They expect that the more pioneers who complete the KYC verification and move their tokens to the mainnet will benefit the network. 

They hope that the extension will increase inclusivity and fairness, remedy for corner cases, and strengthen the network for the mainnet launch. 

On the positive side, the developers noted that the KYC extension will not affect the mainnet launch, which is expected to happen in the first quarter of this year. They still expect it to happen later this quarter, most likely in March. 

The challenge, however, is on how to trust the Pi Network team because of its long track record of deceiving the users. For example, in an announcement on December 27, 2023, the developers said that the intention was to launch the Open Network in 2024, which did not happen.

Read more: Will the Pi Network mainnet launch in 2024?

What next for the Pi Network price?

The Pi coin price has been in a strong downward trend in the past few months as the developers continued to extend the KYC verification. Judging by history, there a high chance that the February extension will be extended again. 

Also, the developers have not lived up to the previous guidelines on the mainnet launch process, meaning that the current Q1 deadline may not happen. 

The developers have a good reason to extend the mainnet launch. One of the three criteria for the launch is that they should be at least 100 mainnet-ready applications. There are now about 80 mainnet-ready apps. As such, the developers can justify another extension. 

All this bodes negatively for the Pi Network price. On the daily chart, the coin has moved below the 50-day moving average and has formed a bearish flag pattern. This pattern comprises a long vertical line and a rectangle and is one of the most bearish signs in the market. 

Therefore, the Pi Network price will likely have a bearish breakdown, potentially to the key support at $29.15, its 2024 low, and 31% below the current level. 

Read more: Is Pi Network a genuine crypto project or a scam?